Dow Chemical authorizes $1.5 billion share buy-back program

The Dow Chemical Company announced Friday that its board of directors has approved a share buy-back program, authorizing the repurchase of up to $1.5 billion of the company's common stock.

The Midland, Mich.-based chemical manufacturer said it will use excess funds to deleverage, return value to its shareholders and invest in "attractive, high-margin organic growth" for its downstream businesses.

This represents the latest action in a series of measures Dow has taken to increasingly reward shareholders. In 2012, the company reported a 34 percent increase in dividends declared per share versus 2011.